It's been a big week on Wall Street with the S&P at a two year high, GOP victory in the midterm elections and the Fed's action on quantitative easing (QE2).
"The market hasn't fought the Fed and the fixed-income markets, either, and the government markets, so the belly of curve, which is where the Fed is focused at the moment, has rallied pretty significantly," Jeffrey Kronthal, co-managing partner and co-CIO of KLS Diversified Asset Management, told CNBC's "The Strategy Session" on Friday.